What First Time Homebuyer Prograhms are Available in Colorado?

Question

Accepted Answer

Colorado Housing & Authority (CHFA)FirstStep / FirstStep \: 30-year fixed-rate loans for first-time buyers (or buyers in targeted areas) with down payment assistance.HomeAccess / HomeAccess Plus: Designed for buyers with disabilities or parents of a child with a disability; includes down payment and closing cost help.Down Payment Assistance Options:Grant: Up to ~3% of the first mortgage (no repayment).Second Mortgage: Up to ~4% deferred loan (repayable when the home is sold/refinanced).Eligibility: Typically 620+ credit score, completion of homebuyer education, and within income/purchase limits.Definition: A “first-time homebuyer” is someone who hasn’t owned a primary residence in the past 3 years.Why it’s beneficial: Statewide availability, flexible terms, and broad lender participation.Colorado Housing Assistance Corporation (CHAC)Offers low-interest second mortgages for down payment and closing costs to low- and moderate-income buyers.Requires homebuyer education and some buyer contribution (“skin in the game”).Why it’s beneficial: Helps bridge the savings gap, especially in high-cost areas.Colorado Division of HousingMaintains statewide and local lists of down payment assistance programs.Many local programs offer up to 10% of the purchase price (up to ~$40,000).Why it’s useful: Great starting point to find city- or county-specific assistance options.Local & Metro Area ProgramsMetroDPA (Denver Metro): Up to ~5% in forgivable down payment assistance.Aurora HOAP: Up to ~$10,000 zero-interest loan for down payment and closing costs.Other Counties (Boulder, El Paso, Weld, etc.): Local assistance programs for first-time buyers may also be available.

Affordable Denver Mortgages Starts Here

This is the first step to Secure Your Best Denver Mortgage Rate Today

Refinancing Options: Lower Your Current Mortgage Rate